Oil market becomes hostage to Iran war - World

The International Maritime Organization (IMO) will hold an extraordinary session next week to discuss threats to shipping in the Middle East, particularly in the Strait of Hormuz. US President Donald Trump asserted that stopping Iran's nuclear development is more important than controlling oil prices, while Iran denied laying mines in the strait and offered passage to ships coordinating with its navy. The US military has stated it is not ready to escort tankers through the critical waterway due to its focus on striking Iranian targets. The conflict has resulted in significant financial costs for the United States, exceeding $11 billion in the first six days of action. Iran has vowed to continue fighting until the US regrets its actions and threatened attacks against power grids in the Gulf region. The UN Security Council adopted a resolution condemning Iran's attacks but a Russian-sponsored resolution was vetoed.